March 16, 2015 By: Kristen56 CommentsChances are you’re not driving your car or truck without insuring it.
Off-premises coverage includes theft along with damage from fires, tornadoes and other perils listed in your policy, says Loretta Worters, a spokeswoman for the Insurance Information Institute. If you don’t have homeowner’s or renter’s insurance and you’re keeping stuff in a self-storage unit, then that’s another story.
Let’s say a fire breaks out at a self-storage facility and damages or destroys your storage unit — and everything in it. Tenant policies normally carry coverage limits of at least $1,000 or $2,500, McConnell said.
If you’re planning to purchase coverage from a storage facility, you should figure out the value of your belongings, self-storage operator Extra Space Storage says. If you’re stashing valuables such as art, antiques or jewelry in a storage unit, your homeowner’s or renter’s insurance might restrict the dollar amount of coverage.
To help protect your stored belongings, the institute recommends renting a unit at a secure self-storage facility. John Egan is editor in chief at the Austin, Texas-based SpareFoot, which operates the country’s largest marketplace for finding and booking self-storage.
My husband and I just moved a lot of our things into a storage unit, but I didn't know there were insurance options to cover them.
I think situations like that where you really won’t know if something happens until you get back are especially appropriate for insurance! I’ve known about self storage and how it works for a long time but I had no clue that there was insurance for it. My mom just did a bunch of cleaning this weekend and found a bunch of stuff that she wants to put into storage units. I wonder if self-storage companies will start partnering with insurance agencies to offer discounts. That’s a great tip, Taylor, to check with the storage company about insurance options! James- typically you would add on a rider to your homeowners or renter’s insurance although there are stand along storage policies out there. All coverages except Workers' Compensation are underwritten by NOVA Casualty Company, part of AIX Group and a member of The Hanover Insurance Group. If you have ever rented a self storage unit, the property manager probably talked with you about getting insurance that is designed specifically for self storage.
Self storage insurance will cover a multitude of things, such as fire and smoke damage, roof leaks, burglary and theft, rodent and insect infestation, natural disasters and even in transit coverage within a 100-mile radius of your storage unit. The storage insurance we offer has a very small deductible, and that is waived if theft occurs when using the recommended disc lock. If you have any questions about self storage insurance and why you need it, you can contact us or give any of our property managers a call and they can direct you to the correct person to have your questions answered. It is compulsory that customers insure their goods whilst in storage for a minimum sum £1000. We advise that customers check their house insurance policy, as some companies cover goods whilst in storage. Essential Property Coverage for buildings, your business’ personal property and the personal property of others. Businessowners Liability Coverage to protect your business from liability exposures, including premises and operations, product liability and completed operations. Comprehensive Business Auto Coverage protects the commercial vehicles driven by your employees. Umbrella Coverage provides your business with additional security in the event of a catastrophic liability claim. Workers’ Compensation Insurance covers medical expenses and compensation for lost wages of workers who are injured on the job (available in select states).
Below is a summary of the coverages included with the EMC Self-Storage Facilities product. CyberSolutions provides the robust protection you need to respond to and recover from a data breach or cyber attack. Employment practices liability coverage, available by endorsement from EMC, pays for the liability damages and defense costs due to employment discrimination, wrongful termination or harassment charges brought by full-time, part-time, temporary and seasonal employees. Many people go to self storage facilities with the intention of storing their valuable possessions whether it be wine, art, furniture or electronics. Insurance is often overlooked and one of the last things renters think about even though it is one of the most important. Many, if not all, self storage managers will ask you about self storage insurance once you move into your storage unit. I never thought of this, but with that show Storage Wars on now you never know what Dave Hester will do to disrupt somebody else’s chances to winning a locker that he wanted.
It’s easier for self-storage facilities to recruit and retain good employees if they offer health insurance benefits, but doing so can be a financial strain for owners and operators. Mike Schofield, president and CEO of the Phoenix-based Minico Insurance Agency, specializes in insuring self-storage facilities.
In 2013, Schofield’s company teamed up with the Self Storage Association to create a private health care exchange for association members and their employees. Schofield maintains that offering health insurance to workers pays off for self-storage facilities by reducing absenteeism. Businesses with five or fewer workers—often called “microbusinesses”—lack the bargaining power that larger companies have to negotiate for discounted health insurance rates.


Forty-one percent of microbusiness owners say they’re concerned about a significant hike in the cost of providing health benefits in the next year, according to Gallup. If you decide that your self-storage business should offer health insurance to stay competitive, Tyson recommends that you consider a cost-sharing plan.
Robert Laszewski, president of Health Policy and Strategy Associates, a consulting firm in Washington, DC, said it often makes sense for the owners of small business to steer their workers toward insurance exchanges that were created under the federal Patient Protection and Affordable Care Act, widely known as Obamacare.
Obamacare created insurance exchanges around the country that enable the purchase of affordable policies by placing participants in large consumer pools with more bargaining power to negotiate with insurers.
According to an October 2014 analysis by The New York Times, about 7.3 million people have gotten health coverage through Obamacare. Although there’s been talk in Congress of modifying or even ending Obamacare, the exchanges remain in effect and should be used, Laszewski said. Rudy Garcia, founder of the Qandun Insurance Agency in Glendale, CA, said self-storage facilities might be able to find ways to make providing health insurance more affordable by taking advantage of protections built into the U.S.
Because these benefits are free from state and federal income taxes, the worker’s taxable income is reduced, he said.
Welcome.The Storage Facilitator is the modern self-storage professional's destination for useful education, intriguing news, diverse expert perspectives, technology updates, and beyond. Get our free white paperThe Four Pillars of Profitable Self-Storage Management is an in-depth resource that empowers facility owners and managers to get more out of your business and stay ahead. The information contained herein has been obtained from third parties and we cannot guarantee the accuracy or completeness of the information. Our method of marketing your account to the insurance industry greatly increases your chance of getting the best price available.
As the number of locations you operate increases, the amount of time spent on insurance usually grows with it. However, when it comes to coverage for belongings in a self-storage unit, far too many people take their chances and go without insurance. However, it does not cover damage caused by flooding, earthquakes, mold, mildew, pests or poor maintenance, she says.
In that case, you’d be wise to look into buying tenant insurance from a self-storage facility. If you don’t have coverage through your insurer or through the storage facility, you won’t receive a penny to replace your things. Utilizing a storage unit is a great way to keep your belongings protected but it’s best to plan for the worst – just in case! He has a lot guitars, some of which would be worth insuring, so I will be sure to look into it. I’d also make sure that your husband’s guitars are well documented, like we outline in our Home Inventory!
It is always a good idea to verify insurance coverage when moving your belongings to a new situation! It makes perfect sense now that I know about it, but for some reason I never thought of it. She’ll be out of town and asked that my brothers and I come over this weekend and take care of it for her. I assumed that i was already insured but I'll have to check with my insurer to make sure i am!
Like many types of insurance, it seems like an unnecessary expense until that one time you need it!
I've heard that some self-storage companies have partnerships with moving companies and rental services. Depending on the size of the unit I could have thousands of dollars of stuff stored there and if the building burnt down there goes my belongings. If you have anything worth protection in a storage unit, then you need to make sure that it is protected as well as it can be. It makes sense that you would want to make sure that your belongings in a storage unit are protected. I just recently moved some things into a self storage unit for the first time, but I had not thought about insurance for it.
After doing all my research, and finding a place I thought was very safe, I still didn't quite have peace of mind. As you said, it doesn't take care of the sentimental aspect of things, but at least it can pay for the items you had. Please use newer version of your browser or visit Internet Explorer 6 countdown page for more information. At Moove In Self Storage, we have a contractual requirement that every tenant must have insurance on their storage unit contents as part of our rental agreement a€“ whether ita€™s the third-party insurance that we offer or their own personal policy. As with any insurance, ita€™s there to protect you if anything were to happen to your belongings while they are in storage.
When you select one of our third-party insurance options, the manager will provide you with contact information so you can speak with an insurance agent to get answers to any question you could possibly ask.
We offer three affordable options so you can choose the level of coverage you need for your belongings. Your homeownera€™s or rentera€™s policy most likely has a hefty deductible, and it will probably not be waived for any reason.
Typically, any time you file a claim through your homeownera€™s or rentera€™s policy, regardless of the payout, you will receive an increase on your premiums, and sometimes it is extensive.
View the EMC Businessowners Coverage Highlights page to learn about your two coverage level options—Extension and Expanded Extension.


The policy provides coverage for the costs associated with computer software restoration, data recovery, third-party liability protection, response efforts, defense and liability, and identity recovery for key individuals within your organization. Coverage is subject to policy terms and conditions, limitations and exclusions, and may vary from state to state.
What some renters forget is these storage facilities do not protect your belongings in case of fire, tornado, flood or any other disaster which is why you need to get insurance for your storage unit. If you have insurance on your home or your apartment, why wouldn’t you have insurance in your storage unit where you are storing more of your valuable possessions? The monthly cost is minimal and the peace of mind you will have knowing your belongings are safe is priceless. Now, jump to our homepage or use our convenient Zip Code Search at the top to find local self storage facilities. He said most small operators don’t have the expertise to find cost-effective health insurance solutions on their own.
According to the Gallup polling organization, only 21 percent of microbusinesses in the U.S. When workers have to pay a large chunk of their own insurance costs, such as 50 percent, it gives them an incentive to hold expenses down, he said. Eighty-five percent of them have qualified for federal subsidies to reduce their health insurance costs. One strategy is to give employees a raise to help them pay for the health insurance they buy through Obamacare, he said. This white paper identifies major trends and best practices in rate management, occupancy analysis, rental contracts and profit management. By combining the knowledge of a top storage operator with top insurance people, the result is custom protection for you. Some standard homeowner’s and renter’s insurance policies cover off-site storage of your belongings, but you need to check with your insurer to make sure. The facility’s insurance policy covers its own property, but not anything that belongs to a tenant. This article has some good points on why its important to have, and I plan on getting some for my storage unit. I don't know what I would do if I lost some of the things that are near and dear to my heart.
There are a lot of valuable things in my unit and if something were to happen to the facility I would lose it all. I would suggest talking to the storage company to see if they can offer any insurance to you.
It's a good idea to check with your current insurance policy to make sure that your belongings are covered if they are off site.
With insurance, I know that even if something bad happens to my locker, my assets will be protected.
It looks like it would be a good idea to ask about if insurance is covered when I look for places to rent for my storage. It would worry me a little if a facility was offering insurance against the failure of their own product. Fortunately, most tenants will never have to file a claim, but ita€™s good to know if something happens to your stuff that you are covered. The property manager can help you decide which level of coverage will best suit your needs ($2000 for just $9 per month, $3000 for just $13 per month or $5000 for just $21 per month policies are available), so be sure to ask questions while you are in the rental office. Be sure to talk to your insurance agent and read over your policy closely to see if you have coverage.
The minimal monthly cost of insuring your items is far outweighed by the peace of mind you will have knowing your items can be easily replaced if damaged.
The odds of a natural disaster or accident occurring at the self storage facility are minimal but why take a chance with your belongings? An important part of the service is providing access to insurance specialists who “walk you through the process,” he said. However, before you do that, make sure that a boost in pay doesn’t reduce an employee’s ability to obtain federal insurance subsidies, he advised. For example, Section 125 of the code can be used to let workers withhold part of their pretax salary to cover medical expenses. Business owners also benefit because they don’t have to pay workers’ compensation premiums on the portion of pay that is withheld for medical expenses.
We can analyze the administration of your insurance and come up with suggestions to reduce your time spent on insurance.
Almost all personal and business property you keep in storage is eligible for coverage under these policies. The Gallup survey was based on interviews with more than 1,000 microbusiness owners in all 50 states. Hopefully more people will think about these things and make sure they're getting the help they need with it. Regardless of your situation, I really feel like you should go the extra mile in protecting your items in storage.
Ita€™s up to you whether you purchase a third-party policy through us or provide proof of coverage through your homeownera€™s or rentera€™s policy.



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